Question 1'.End Blast production showed the following selected asset balances on Dec 31, 2020Land $396,800%3DBuilding = $526,400Accumulated Depreciation, Building1 393,600Equipment = 171,200!!Accumulated Depreciation, equipment2 = 74,400%3DNotes - 1. Remaining estimated useful life is 8 years with a residual value of$80,000:depreciation using straight line method2. Total estimated useful life is 10 years with a residual value of $16000; depreciatedusing double declining methodRequired : Prepare the entries for each of the following1. The land and building were sold on September 27, 2021, for $592,000 cash2. The equipment was sold on November 2, 2021 for $56,800 cash

Working notes:- Depreciation on building…

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Business

Accounting

showed the following selected asset balances on Dec 31, 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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